Final Resolution of Loan Dispute with the GOSL (6300Y)
2010年12月29日 - 4:00PM
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RNS Number : 6300Y
Titanium Resources Group Ltd
29 December 2010
Titanium Resources Group
Final Resolution of Loan Dispute with the Government of Sierra
Leone
29 December 2010: Titanium Resources Group ("TRG" or "the
Company") today announces the full resolution of its dispute with
the Government of Sierra Leone (the "Government") regarding funds
loaned by the Government to TRG's subsidiary, Sierra Rutile Limited
("SRL").
Following the announcement on 7 October 2010 of an agreement in
principle to resolve the loan dispute, the Government has now
formally withdrawn its request for the payment by SRL of all
accrued interest plus the accrued balance and capital interest
owing. Further, the Government acknowledges that no event of
default or potential event of default is outstanding, and that it
has no claims regarding any prior events of default which may have
occurred.
Discussions with the Government regarding a potential
debt-for-equity swap are ongoing, however the Board is also
considering a number of other options to reduce the Group's
outstanding debt level.
John Sisay, CEO of TRG, commented,
"I would like to thank the Government of Sierra Leone for the
support that they have shown TRG and expect that our agreement will
form the basis for a long-term and mutually beneficial partnership.
We can now focus all of our efforts on the implementation of the
first phase of improvements identified in our ongoing operations
review, as well as the continued identification of additional
measures to further increase production and operational
efficiencies."
ENDS
For further information:
Titanium Resources Group
John Sisay, Chief Executive Officer
Telephone: +44 (0) 20 7321 0000
Arbuthnot Securities
Nominated Advisor & Broker
Richard Johnson / Hugh Field
Telephone: +44 (0) 20 7012 2000
Aura Financial
Michael Oke / Andy Mills
Telephone: +44 (0) 20 7321 0000
Titanium Resources Group
Titanium Resources Group is a mining company with operations in
the Republic of Sierra Leone. The Group is the country's largest
private sector employer and produces rutile and ilmenite for use in
industrial applications. The Group's operations have historically
accounted for over 65 per cent of the exports of Sierra Leone.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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